PowerBank Corporation (NASDAQ: SUUN) has executed a Standard Small Generator Interconnection and Operating Agreement for its 2.43 MW community solar project in Sydney, Nova Scotia, according to a company statement.

The project has received municipal permits and will proceed to environmental permitting. PowerBank targets ground preparation to begin in fall 2026, subject to final permitting and financing approval.

The Sydney project is owned by AI Renewable Flow-through Fund, with PowerBank serving as lead developer. The company has partnered with Nova Scotia engineering firm Trimac Engineering for project delivery.

The solar installation is designed to generate electricity equivalent to power for 222 homes annually. Community members can subscribe to receive bill credits of $0.02 per kilowatt-hour without installing rooftop equipment.

PowerBank projects the facility will generate approximately $1.79 million in electricity savings for the Cape Breton community over its operational lifetime. The project represents one of four community solar contracts awarded under Nova Scotia's renewable energy program.

The installation contributes to Nova Scotia's target of achieving 80% renewable energy by 2030 and net-zero emissions by 2035. The province has planned 100 MW AC of solar additions to reduce fossil fuel dependence.

PowerBank has completed over 50 MW of community solar projects in the United States and maintains a development pipeline exceeding 1 GW. The company has built renewable energy projects totaling more than 100 MW capacity.

The project development faces several risks including interconnection approval, permit acquisition, third-party financing availability, and potential changes to government renewable energy incentives.